Touchstone Exploration Secures $12.5 Million Through Convertible Debenture

Touchstone Exploration Inc., based in Calgary, Alberta, has successfully raised $12.5 million through a private placement of a secured convertible debenture with JJR Wood Holdings Inc., a Canadian private investor. This move aims to bolster Touchstone's ongoing strategic initiatives. The proceeds will be utilized to restart drilling operations at the Cascadura site in Trinidad and Tobago, aiming to boost its petroleum and natural gas production.

Key details of the offering include an interest rate of 5% with a three-year maturity. The debenture is convertible into common shares at a US dollar equivalent of C$0.30, representing a premium to the current share price. Additionally, 6,250,000 warrants were issued, exercisable at C$0.40 per share for two years. The proceeds will also help reduce outstanding accounts payable, reflecting the company's strategic financial management.